30 September 2010

Equiduct Systems Limited to be Technology Provider for Spain's First MTF, PAVE - 2010.

Letter of Intent signed today 


Barcelona, London, September 30th 2010 - Equiduct Systems Limited has been chosen as the technology provider to PAVE, Plataforma Alternativa de Valores Españoles, Spain's first MTF.


Using Equiduct Systems Limited's technology, PAVE will establish both a traditional MTF and a retail-focused best execution model supported by experienced market makers.

Equiduct Systems Limited will provide the trading platform and operational infrastructure for the PAVE MTF.  This will give institutional and retail brokers, banks and hedge funds the ability to provide high-quality execution at the best price offered.  The partnership between Equiduct Systems Limited and PAVE will level the playing field for investors across Europe.


Peter Randall, CEO of Equiduct Systems Limited said:
"PAVE signals the beginning of the second wave of alternative platforms in Europe. The health of Europe's trading environment is, in part, determined by the level of competition. Equiduct Systems Limited is proud to support this initiative."


Javier Tordable Parcerisa, partner, PAVE said:
"PAVE is being established to attract international traders and increase liquidity in Spanish equities. The Equiduct Systems Limited offering is unparalleled - leading-edge technology supported by market making expertise from Citadel Securities and Knight.  We are excited to partner with Equiduct Systems Limited to bring their innovative model to the Spanish marketplace." 


Kee-Meng Tan, managing director of Knight Capital Europe Limited, a wholly-owned subsidiary of, and the European headquarters of Knight Capital Group, Inc., who is the head of the Electronic Trading Group in Europe said:
"Knight has a proven track-record in providing European clients with high quality alternative liquidity through our extensive market-making operation. We look forward to expanding our services through this partnership with PAVE, as we introduce cost-effective and high quality equity execution to the Spanish market."


Matteo Cassina, President of Citadel European Execution Services, a division of Citadel Securities said:
"Citadel Securities is excited to partner with Equiduct and PAVE to bring to the Spanish market the cost savings and improvements in execution quality that MiFID has brought to other European markets."


Notes to the Editor:

About PAVE
The PAVE project and platform, Alternative Trading Platform for Spanish Securities, was conceived in August 2010 in order to provide liquid, efficient, ultra-fast, secure and International trading of Spanish stocks. PAVE, once formed with private capital will be based in Barcelona with operations in Madrid and London.


Following the example of the international alternative platforms (Multilateral Trading Platforms or MTFs) - established in Europe since May 2007 under MiFID legal framework, which already have approximately 50% of the market share of FTSE in London or 30% of DAX German or French CAC, the PAVE project announced its inception on August 24th and its launch of trading for Spanish securities expected during the first quarter of 2011.



About Equiduct Systems Limited
Equiduct Systems Limited is a technology and transactions services provider specialising in offering low latency market data and trading platform solutions.



About Knight
Knight Capital Group, Inc. (NYSE Euronext: KCG) is a global financial services firm that provides market access and trade execution services across multiple asset classes to buy- and sell-side firms. Knight's hybrid market model features complementary electronic and voice trade execution services in global equities and fixed income as well as foreign exchange, futures and options. The firm is the leading source of liquidity in U.S. equities by share volume. Knight also offers capital markets services to corporate issuers. Knight is headquartered in Jersey City, NJ with a growing global presence across North America, Europe and the Asia-Pacific region. For more information, please go to www.knight.com.



About Citadel Securities
Established in 2002, the Citadel Securities platform includes investment banking, institutional sales and trading, multi-asset class market-making and order execution services. Citadel Securities is one of the world's largest providers of liquidity, both in the United States and in Europe, and is a market leader in a variety of asset classes for institutional and other investors. U.S. securities broker-dealer activities are conducted by Citadel Securities, LLC, a registered broker/dealer and SIPC member, and liquidity provision and order execution services are conducted in Europe by Citadel Securities (Europe) Limited, regulated by the UK's Financial Services Authority.  For more information, please visit www.citadelgroup.com.


For further information please contact:

Jose Maria Cueco, press@paveplatform.com, Phone +34 93 228 78 10



Sophonie Robichon


Phone: + 44 (0)20 3595 1520